The Asia Pacific (APAC) pen needles market has accounted for USD 414.4 million in 2016, and is expected to reach USD 1165.6 million by 2024 growing at a CAGR of 13.7% in the forecast period of 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
According to WHO, globally an estimated 422 million adults were diagnosed with diabetes in 2014, compared to 108 million in 1980. The global prevalence of diabetes has nearly doubled since 1980, rising from 4.7% to 8.5% in the adult population. This reflects an increase in connected risk factors such as being obese. In the past decade, diabetes prevalence has grown faster in low and middle income countries than in high income countries.
Insulin pens are the easiest and safest way to deliver insulin. Insulin pens are basically used with pen needles, which are gaining popularity every day over conventional insulin delivery methods. The usage of pen needles in insulin delivery is increasing owing to its benefits such as more convenient as can be used while travelling, easier to use and can be handled by any one, dosage given is more accurate, pain free and better discretion. The APAC pen needles market is expected to grow significantly owing to rising prevalence of diabetes and other chronic diseases. The pen needles market is also expected to grow owing to increasing reimbursements of these products in developing countries such as China, India, and other South Asian countries. According to WHO stats, in the South-East Asian countries there are approximately 115.3 of 100,000 populations above the age of 20 is suffering from diabetes, which is second highest globally after Mediterranean region which is expected to have 139.6 out of 100,000 populations suffering from diabetes. Also in the south East Asian countries the death toll has increased from 7.8% in 2000 to 8.6% in 2012, out of all deaths in this region. The prevalence of diabetes has more than doubled in this region from 4.1% in 1980 to 8.6% in 2014.
The APAC pen needle market is segmented based on product type into standard and safety pen needles. The standard pen needles segment is expected to dominate the market owing to its daily usage by the diabetic patient pool. The safety pen needles are expected to grow at the highest in the forecast period owing to healthcare professionals striving to make insulin delivery not a regular dosage. Still standard pen needles in insulin delivery are not expected to decline in near future, and are expected to dominate the market in 2022. The pen needles market is also segmented based on product length which varies from 4mm to 13mm in size. The pen needles segment by product length is long length, medium length and nano length needles. Depending on the requirement of penetration of the drugs the length of the needles is selected.
The APAC pen needles market is also segmented based on usability into disposable and reusable pen needles. In 2016 the disposable pen needles is expected to dominate the market and is expected to grow at the highest CAGR in the forecast period. The growth and domination of disposable pen needles is owing to the guidelines and safety measures practiced by healthcare authorities to prevent infections and other complications in drug delivery.
By application the APAC pen needles market is segmented into 3 indications diabetes, growth hormone deficiency and others. The diabetes segment dominates the market, owing to the large prevalent pool of diabetic patients and the increasing usage of pen needles in insulin delivery. Also the rising trend of self management of chronic diseases is expected to drive the growth of diabetes care using pen needles in the forecast years. Based on the drug therapy the pen needles market is segmented into insulin, glucagon-like peptide-1 and growth hormones. Insulin therapy is expected to dominate the market in 2016 owing to its large usage in sustaining threats of diabetes comorbidities.
Based on geography the market is segmented into 7 countries, China, India, Japan, South Korea, Singapore, Australia and rest of APAC. In 2015, China is expected to dominate the market, while India is expected to be the growing with highest CAGR in the forecast period. Asia-Pacific is expected to grow at the highest CAGR spear headed by growth of China and India. The growth of these countries is owing to rising prevalence of diabetes and increasing awareness of health related needs.
The pen needles market is extensively affected by local manufacturers with various companies operating in local regions. The report includes company share data for different countries including Japan, China, India, South Korea, Singapore and Australia. Some of the major players in the APAC market include Becton, Dickinson and Company, Novo Nordisk, A.Menarini Diagnostics, Ypsomed Holding AG, B. Braun Melsungen AG, Shanghai Neo-Medical Co. Ltd, HTL-Strefa S.A., Melson Medical Corporation Limited, Frank Healthcare Co., Ltd, Sanofi, Stat Medical Devices, Inc., Terumo Corporation, Eli Lilly and Digital Medics Pty Ltd, among others.